XAU/USD Tests 1,845.00

Since Thursday, the XAU/USD exchange rate has been testing the 1,845.00 level.

It is likely that yellow metal could gain support from the 55-hour moving average near 1,832.00 and extend gains against the US Dollar in the short term. Note that the rate could face the resistance level—the Fibo 23.60% at 1,860.59.

If the predetermined resistance level holds, a reversal south could follow. In this case the price for gold could gain support from the 100– and 200-hour moving averages near 1,813.00.